ANZ will axe 230 jobs from its private bank and advice business, making good on a promise last May from chief executive Shayne Elliott to slash costs by $1 billion in attempt to insulate its profits from squeezed margins and lacklustre credit growth.
"We are now making some changes to simplify our retail distribution and financial planning capabilities so we can provide more focussed and meaningful advice for our most financially complex customers," the spokesman said. "This means the advice team will be smaller, which will impact a number of our financial planners and support staff members."
The profitability of the banking sector has been challenged in recent months, as record-low interest rates squeeze margins, but Shaw and Partners analyst Brett Le Mesurier said the job cuts had already been factored in and were not symptomatic of a broader economic decline.
Hope to top people take a huge pay cut as well
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